Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 1101: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1102: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as Options:
  A) tariffs
  B) quotas
  C) exchnge control
  D) devaluation
  E) revaluation
  Show Answer
  The correct answer is B .
• Question 1103:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 1104: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 1105: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 1106: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 1107: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 1108: A major disadvantage of partnership business is Options:
  A) difficulty in the transfer of shares
  B) distrust among members
  C) limited liability
  D) large capital outlay
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  The correct answer is B .
• Question 1109:

  The elasticity of demand for a firm's product is 2.

  If the firm reduces its price by 20 percent, its sales revenue will increase by?

  Options:
  A) 10 per cent
  B) 20 per cent
  C) 30 per cent
  D) 40 per cent
  Show Answer
  The correct answer is D .
• Question 1110: National Income estimates can be used to? Options:
  A) differentiate between the rich and the poor in a country
  B) prepare a country's annual budget
  C) protect the level of a country's economic develompent
  D) compare a country's growth rate with that of another over a period of time
  Show Answer
  The correct answer is D .